Ordinal Theory
Ordinal Technology
Ordinals refers to a numerical system employed to monitor and manage individual satoshis, the smallest units of bitcoin. These numbers, known as ordinal numbers, follow the order in which satoshis are mined and are transferred from one transaction to another using the first-in-first-out principle. The system is based on the order of mining satoshi and the sequence of transaction inputs and outputs.
In-depth information about ordinals can be found in the corresponding BIP (Bitcoin Improvement Proposal). This technique does not necessitate a separate token or another blockchain, nor any alterations to Bitcoin.
Ordinals can be expressed in various formats:
Ordinals are an open-source project hosted on GitHub, which includes a BIP describing the system, a Bitcoin Core node tracking all satoshis, a wallet for conducting ordinal transactions, a block explorer for exploring the blockchain, and a function for marking satoshis with digital artifacts.
People are naturally inclined to collect, and with the ability to track and transfer satoshis, it is anticipated that they will desire to gather them. Several Bitcoin events contribute to a system of rarity, from the mining of new blocks every ten minutes, to difficulty adjustments every 2016 blocks, to halvings every 210,000 blocks, and conjunctions every six halvings.
Satoshis of different rarity levels can be easily identified using degree notation: A°B′C″D‴, where A refers to the cycle, B refers to the index of block in halving epoch, C refers to the index of block in difficulty adjustment period, and D refers to the index of satoshi in the block.
Supply of satoshis of different rarity levels varies. For example, there is a single ‘mythic’ satoshi, which is the first satoshi of the genesis block, while there are over 1.9 quadrillion ‘common’ satoshis.
Every satoshi has an associated name, represented by the letters A through Z. The name becomes shorter for satoshis mined in the future. Some satoshis may be desirable for reasons beyond their name or rarity. These are referred to as “exotic” satoshis and could be due to the number’s specific qualities or its connection to a significant historical event.
Satoshis can be marked with arbitrary content, transforming them into immutable digital artifacts that can be monitored, transferred, hoarded, bought, sold, lost, and rediscovered.
The interest of NFT archaeologists in ordinals is debatable. While some consider ordinals to be created in 2022 when their specifications were finalized, others believe they were created by Satoshi Nakamoto in 2009 when he mined the Bitcoin genesis block. There have been at least two independent discoveries of ordinals before the modern era of NFTs, suggesting they were discovered, rather than invented, and are an integral part of the mathematics of Bitcoin.
Now for some examples. This satoshi is common:
1°1′1″1‴
│ │ │ ╰─ Not first sat in block
│ │ ╰─── Not first block in difficulty adjustment period
│ ╰───── Not first block in halving epoch
╰─────── Second cycle
This satoshi is uncommon:
1°1′1″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── Not first block in difficulty adjustment period
│ ╰───── Not first block in halving epoch
╰─────── Second cycle
This satoshi is rare:
1°1′0″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── First block in difficulty adjustment period
│ ╰───── Not the first block in halving epoch
╰─────── Second cycle
This satoshi is epic:
1°0′1″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── Not first block in difficulty adjustment period
│ ╰───── First block in halving epoch
╰─────── Second cycle
This satoshi is legendary:
1°0′0″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── First block in difficulty adjustment period
│ ╰───── First block in halving epoch
╰─────── Second cycle
This satoshi is mythic:
0°0′0″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── First block in difficulty adjustment period
│ ╰───── First block in halving epoch
╰─────── First cycle
Last updated
